BoA Reports 40% Increase in Mobile Corporate Payment Approvals

Bank of America announced on Thursday that corporate payment approvals via its CashPro App have surged 40% compared to last year, with the volume exceeding $500 billion in the first half of 2024. The bank projects this figure will reach $1 trillion by year-end.

The CashPro App, a component of the bank’s CashPro digital banking platform, allows corporate and commercial clients to manage payments, deposits, loans, and trade finance transactions. The platform supports payments through four channels: App, Online, API, and Connect (file-based).

Currently, 550,000 users across 40,000 companies globally utilise CashPro. The rise in mobile payment approvals spans clients of all sizes, with a 46% year-over-year increase among global corporate banking clients and a 17% increase among small business clients.

“This increase in payment approvals via our CashPro App reflects a significant shift in client behavior and digital banking expectations,” said Jennifer Sanctis, head of CashPro App at Bank of America. The pandemic has transformed mobile banking from a convenience into a necessity, and now it is an integral part of daily operations for businesses.

The app’s design offers a secure and convenient user experience, enabling clients to approve payments and monitor account activity from any location at any time. “The ability to do so has been life-changing for our clients,” Sanctis added.

Bank of America’s CashPro team collaborates with enterprise resource planning (ERP) and treasury management system (TMS) providers worldwide to simplify integration and meet the data reporting and payment needs of business clients. Recent enhancements to the CashPro platform include a transaction search engine and an analytics tool introduced earlier this year.

“We rely on our clients to guide us on where to prioritise resources and what to bring to market to best meet their needs,” said Meg Garand, head of CashPro Payments and CashPro API at Bank of America.